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The Daley Update

Gartmore is offering a 2 per cent discount for all Isa and Pep transfer business into its European selected opportunities fund. The discount, until the end of December, will cut the initial charge to 3 per cent. The fund, managed by Roger Guy, has a Standard & Poor&#39s AAA rating.

Friends Ivory & Sime has made three appointments to its global portfolio construction and fund of funds teams. Robert Pemberton is to be head of global portfolio construction, Richard Philbin will manage funds of funds while Patrick Blessing has been made an analyst on the funds of funds team. Pemberton and Blessing join from inside the Friends Provident group with Philbin from Towry Law.

Schroders has changed the lead fund managers on two of its poorest performing funds. Jeremy Thomas has been replaced by Chris Samford as manager of the £412m Oder portfolio fund while Elizabeth Soon has been replaced by Richard Sennitt on the £111m Far East fund. Soon will remain at Schroders as an institutional fund manager while Thomas has left the firm.

Invesco and Perpetual have completed the merger of their fund ranges, with the exception of the Perpetual Latin American and Invesco Perpetual emerging countries funds. The two funds will remain separate as their mandates are too different. The Perpetual fund will be renamed the Invesco Perpetual Latin American fund.


Jailed after FSA action

A businessman posing as aone-man bank has been jailed for contempt of court in High Court proceedings brought against him by the FSA.John Edward Rourke of Colne, Lancashire has been found by the High Court to have accepted up to £300,000 in deposits and made false statements to persuade individuals to hand over money.Rourke convinced […]

Boots pension switch “a wake up call”

Boots is selling all equities invested in its pension fund and reinvesting in bonds in response to the longevity of its workforce and concerns over the volatility of equity returns.Industry experts expect more pension funds to follow suit.Towers Perrin director Mark Duke says: “There are many other companies and pension plans facing far greater risks […]

Watchdog staff get training to help advisers

The Financial Ombudsman Service is improving staff training for complaints handlers dealing with IFA cases as part of its drive to understand intermediaries and their clients better, according to Aifa.Speaking at network Positive Solutions&#39 conference in London last week, Aifa director general Paul Smee said the move could save IFAs money wasted on case fees […]

Gaining ground

Recent research shows that awareness of the option to sell endowment policies is growing and so is the market and investment opportunities in Teps.In the 10 years since it was established, the Tep market has grown from nothing to £500m. This has been driven by the increasing number of policies being cashed in by policyholders […]

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]


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